Wang Donglei finally completed the final step of controlling NVC. On April 5, NVC Lighting (02222.HK) issued a notice stating that due to other business matters, he had already resigned as chairman of the board of directors, and Wang Donglei was elected as chairman of NVC.

This is the final confirmation of the power of Dehao Runda (002005.SZ) since it entered NVC on December 26, 2012, as its major shareholder and single largest shareholder. The move also announced that since Wu Changjiang resigned as chairman of the company in May last year, NVC lighting has been harassing the control of the power for nearly a year into the final.

Wu Changjiang unexpectedly lost
Although Wang Donglei clearly expressed the signal that "the development of NVC strategic level will be dominated by Dehao Runda" at the beginning of the entry of NVC, but in the view of Wu Changjiang's many fans, the NVC board election vote Wang Donglei took over as the new chairman and still made them very surprised.

Since he resigned as the chairman of NVC in May last year, Wu Changjiang has never stopped the arduous struggle for returning to NVC. However, in the past year, Wu Changjiang’s efforts have met with the stubborn resistance of professional investors.

In fact, since investing in NVC, he has discovered that Wu Changjiang’s unfettered absolute power in NVC has harmed the rights of other shareholders and laid an unpredictable hidden danger to NVC’s corporate governance and future development. . The strong embarrassment, while confronting Wu Changjiang, tried to introduce NVC into a governance model that fits its imagination.

However, in the past year, the Wusong battle of "water and fire" has not only opened up a new direction for NVC, but has caused it to be badly hurt. In 2012, NVC Lighting's revenue decreased by 6.6% year-on-year, and net profit decreased by 98.5%.

The arrival of Dehao Runda finally broke the deadlock between the two kings. On December 26, 2012, Wu Changjiang transferred 11.81% of the shares of NVC Lighting directly and indirectly to DHL Runda's Hong Kong-owned subsidiary Dehao Runda Hong Kong, enabling Dehao Runda to hold the mine. The company's shares reached 20.05%, becoming the single largest shareholder of the latter. At the same time, Wu Changjiang’s shares suddenly dropped to 6.79% and will no longer be a major shareholder of NVC.

Since Wu Changjiang is also the second largest shareholder of Dehao Runda, in many people's view, Wu Changjiang's move was defeated by the method of “golden shelling” and indirectly became the controller of NVC. In particular, Wu Changjiang’s fans, they even believe that after Wu’s withdrawal, Wu’s replacement of his chairmanship was a matter of course.

The battle for control has not been completed?

This time, Wang Donglei took over as the chairman of NVC, and the battle of Wu Hao ended. How to balance the interests of Wang Wufu became a new point of view.

According to the industry, Wang Donglei has officially “entered the base” after more than four months since Dehao Runda entered the NVC. During this period, Wu Changjiang did not rule out the long journey with Wang Donglei for the return of the chairman. Negotiations.

"But smart and equally strong Wang Donglei, it is impossible not to learn from the previous lessons, but to give the strategic decision-making power (that is, the board of directors led by the chairman) and the executive power (that is, the current position of CEO of Wu Changjiang) to the same person. What's more, Wu Changjiang is in the hands of people who have great influence in NVC and its dealer channels, while at the same time acting in an arbitrary manner," said the analyst.

In addition, from the perspective of corporate governance, the decision-making power and the executive power set are both hidden dangers and do not comply with the procedures of the relevant listed companies. At this point, before Wu Changjiang resigned, he repeatedly raised the matter with him, but Wu Changjiang could not change because he did not care.

From an embarrassing point of view, if Wu Changjiang returns to the position of chairman, it means that the struggles in this year have all been lost. As a leader who is still one of the major shareholders, it is impossible to agree that NVC will return to one. Years ago.

The outside world noticed that Wang Donglei took over as chairman of NVC and removed his resignation as chairman. He also resigned from all positions of non-executive directors and members of the remuneration committee in NVC. In a sense, this indicates that LED is upstream. Industry Dehao Run has become the controller of NVC, in line with its interests as a venture capitalist, he no longer has to worry too much about NVC's internal problems.

A few years ago, in order to solve the funding gap, Wu Changjiang introduced the risk investor Softbank Saifu and strategic investor Schneider, and since then opened up a long struggle with the latter in control. At that time, one side was strong and restricted Wu Changjiang’s unrestrained power in NVC. On the other hand, the international lighting giant Schneider, who had always been better than annexation, opened his bloody mouth and looked at the side of the couch. Wu Changjiang never let go of this moment. Heart passed.

Now, in order to lift the above crisis, Wu Changjiang introduced the industrial strategic investor Dehao Runda, and finally no longer has to worry about the danger of being annexed by Schneider. However, Wu Changjiang, who is accustomed to saying the same thing, and Wang Donglei, who has decided to lead the future strategic development of NVC, will balance the future of NVC’s voice.

The industry said that NVC was "kidnapped"

After Dehao Runda entered the NVC, it was a disadvantage for the NVC to bring attention to the industry.

Some people expressed concern that NVC was controlled by Dehao Runda. Zhang Xiaofei, dean of the High-tech LED Industry Research Institute, believes that Wu Changjiang's operation is relatively extensive, "river and lake", and Wang Donglei is relatively strong, Wang will use his method to control NVC. From the perspective of the respective interests of the two companies, the intention of the DHL shareholders and the plan of the NVC shareholders must be very different.

Zhang Xiaofei believes that the current production of NVC is being weakened. Dehao Runda will sell the packaged LED products through NVC, but NVC itself is a company with channels and products, and the benefits will naturally be damaged. "The current pattern is not good for NVC itself. NVC was originally free to purchase and sell, and now it has been kidnapped by Dehao Runda."

Zhang Xiaofei said that other shareholders of NVC can not enjoy the benefits of this practice, but Wu Changjiang and Wang Donglei can enjoy it. In addition, "Wu Changjiang is both a shareholder of NVC and a shareholder of Dehao. In NVC, there are contradictions with other shareholders. Wu Changjiang can jump to the other side."

Dehao Runda’s board secretary Deng Fei said in an interview that Dehao Runda’s products will enter the NVC Lighting Operations Center for sales, but there is no clear policy on how to operate. "The most important point of the two listed companies is that the common interests after integration can be reflected. NVC Lighting itself does not really produce LED products, and Dehao Runda is purely a light source product for LED production, and it does not involve NVC. Lighting the original energy-saving lamps, the two sides complement each other in the product category. Dehao Runda's lamps entered the NVC lighting sales, adding a choice to the terminal customers."

For the outside world to worry about the channel of Dehao Runda to control NVC, Deng Fei said that if there is any product demand for NVC, Dehao Runda can not supply, you can choose the second and third suppliers.

“Derhao Runda supplies NVC with the best products. How can Dehao Runda be the controlling shareholder of NVC, how can it harm its interests?” Deng Fei asked.

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